#2 – Bitcoin Is A Fraud | Bitcoin Is Overvalued | Bitcoin Is A Mirage | Bitcoin Is Junk

in #bitcoin • 6 years ago (edited)

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This post is part of a larger series of post titled

The Top 10 Cryptocurrency & Bitcoin Misconceptions | Misunderstandings | Concerns | Perceptions | Criticisms in 2017

I hear both “Bitcoin is a fraud!” and “Bitcoin is overvalued!” all too often. Although I’ve only heard “Bitcoin is junk” and “Bitcoin is a mirage” only once. Heck, I even proclaimed the question of Bitcoin’s value may be the ranked the #1 most repeated question of our time:

Move Over “What Is the Meaning of Life, “What is Bitcoin’s True Worth Becomes the Most Repeated Question of Our Time

I bundled them together because I’ve known people to justify one by using the other! For example:

Me: What makes you think Bitcoin is overvalued?

Them: Because it’s a fraud!

Me: What makes you think Bitcoin is a fraud?

Them: Brah, just look at the price!

(snark hard to argue against that logic)

Those attacks are certainly Bitcoin’s biggest Hater-in-Chief’s (Jamie Dimon) “GO-TO” soundbite.

I posted about his remarks way back in September and suggested that the community start a fund and send Jamie tulips when the price of Bitcoin reaches certain price levels:

Help! Let’s Start A Jamie Dimon Tulip Fund

I think it’s funny that in people’s minds that deploy the overvalued argument strengthens as the value of Bitcoin increases. However, if you ask them what the value should be they usually fall back to “it doesn’t matter because Bitcoin is entirely a fraud (and/or a fad) anyway.

Others use the attacks because it’s easy to fall back and say their reasoning is subjective (how can I argue against someone that believes any price is an overvalue?) or Bitcoin is simply fraud/not real because of X (insert one or more of the misconceptions on my list)

In the end, I have to explain why I think Bitcoin is not overvalued, instead of them fumbling around to try to defend why it is. Regardless, these arguments are deployed all the time and linked to the #1 ranked argument on my list

Traversing the Cryptosphere,
Kryptonaut

#cryptocurrency #blockchain #crypto #technology
6 years ago in #bitcoin by
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     6 years ago 

    So you think any alt coin will overtake Bitcoin in the future?

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       6 years ago 

      At some point. Maybe if transaction times get worse or mining can't keep up - something that can't be fixed. However - for the foreseeable future I think Bitcoin will continue to dominate the market as the main trading pair for all other cryptocurrencies. Thanks for your thoughts!

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         6 years ago 

        @royrodgers has voted on behalf of @minnowpond.
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